The Pudgy Penguins (PENGU) memecoin is demonstrating strong on-chain growth, even though its price has seen a recent correction. The project’s token has now surpassed 868,000 total holders, with over 340,000 traders on the Abstract chain. This rise in activity and community participation suggests that the token’s momentum is still strong.
After a significant 32% gain last week, PENGU’s price dropped by about 6% in the last 24 hours. However, a look at its on-chain metrics reveals a different story. According to Dune Analytics, the number of PENGU holders is rapidly increasing, and a substantial amount of the token’s supply—over 357 million PENGU—has been burned, reducing the circulating supply and adding to its scarcity.
Currently, the memecoin has a market capitalization of approximately $2.1 billion. While small retail wallets account for a large portion of the number of transfers, the majority of the trading volume—about $461 million—is being driven by larger investors, or “whales.”
From a technical perspective, PENGU’s recent price action has shown some promising signs. The token broke above a descending trendline earlier this month, and its SuperTrend indicator turned bullish. The key level to watch now is $0.033. If PENGU can hold this support level, its next price target is $0.040. However, a drop below $0.030 would be a bearish signal, potentially weakening the case for a continued rally. For now, the market remains in a state of observation as it waits to see if the bullish momentum can be sustained.
September 2025, Cryptoniteuae
